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Housing markets

Mar 26th 2007, 21:59by The Economist | WASHINGTON

SIR —

Now that we know that the profits of the financial services industry last year were based on reckless subprime lending, can we assume that those who received recklessly-inflated annual bonuses will be required to return them to the shareholders who will bear the brunt of the correction? Or are these people immune to hangovers?